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Protecting digital currency: Navigating data security compliance in 2024

By Mark Annett, Camsoft Head of CRM Sales and Consulting.

Johannesburg, 27 Feb 2024
CRM companies must conduct regular security audits and assessments.
CRM companies must conduct regular security audits and assessments.

CRM systems store vast amounts of sensitive client data, including contact information, purchase history, preferences and sometimes even financial details. This information is invaluable to businesses, ensuring that they understand their clients can deliver personalised services and be able to report an overall positive customer experience. However, if this data falls into the wrong hands due to security breaches – such as so-called ‘hacking’ – it can lead to severe consequences such as identity theft, financial fraud and loss of customers’ trust.

“One of the most notable transformations in data privacy regulations pertains to the heightened emphasis on data protection,” says Mark Annett, Camsoft Solutions Head of CRM Sales and Consulting: “Stricter requirements now demand exclusive responsibility from data holders and expanded rights for data subjects. In this era – where digital data is universally pervasive – the definition of what qualifies as precious or ‘high-value’ data has broadened. Consequently, commercial products for data security enhancement have proliferated, prompting organisations to enhance their security measures to combat potential vulnerabilities.”

Cross-border compliance

Amid these changes, compliance with regulations like GDPR (General Data Protection Regulation) and POPIA (Protection of Personal Information Act) have become pivotal for modern companies managing digital currency and customer data. Furthermore, with the economy becoming increasingly global, the scope of data governance extends across borders, necessitating a more diligent approach towards compliance. Companies are now tasked with the arduous responsibility of ensuring data security officers oversee the implementation of robust security processes and practices for global implementation.

“It’s a two-way street,” says Annett. “CRM companies should ensure that their platforms comply with relevant data protection regulations, such as GDPR, POPIA, CCPA (California Consumer Privacy Act) and HIPAA (Health Insurance Accountability and Portability Act), depending on the industry and geographic location of their clients. It is also advisable for CRM companies to offer clients the tools required to protect their data while using the platform – including robust access controls and permission settings – as well as training and awareness programmes to educate their staff about best practices for data security and privacy.”

CRM companies must conduct regular security audits and assessments to identify potential vulnerabilities and weaknesses within their systems. By proactively monitoring for security threats and vulnerabilities, CRM providers can address issues promptly and implement necessary patches and updates to enhance system security.

By adhering to these recommended measures and continuously evolving security strategies, CRM organisations can instil confidence in their clients, while maintaining robust regulatory compliance.

More than a feature

Staying ahead of evolving data privacy regulations requires a multifaceted approach encompassing adherence to standards, the appointment of data compliance officers and the implementation of best practices. Fostering a culture of awareness and education among employees and clients alike serves as a crucial defence mechanism against potential breaches.

“Data security is not just a feature – it is a mindset. Your CRM provider should be your partner in ensuring that every interaction and transaction is conducted according to the highest standards of security and integrity," underscores Annett.

Safeguarding digital client data in 2024 necessitates a proactive and holistic approach towards data security compliance. By embracing evolving regulations, leveraging encryption practices and staying vigilant against emerging threats, CRM organisations can play a powerful part in keeping their clients’ (and their clients’ clients) digital data safe. 


Camsoft Solutions

Camsoft Solutions has been in existence for some 30 years and proudly offers an internationally-acclaimed CRM system that is supported by local expertise. We have built up deep knowledge and long-standing client relationships, with an ability to pre-emptively anticipate and meet our clients’ requirements.

Camsoft Solutions has partnered with international, world-leading OEM (Original Equipment Manufacturer) software supplier Maximizer’s CRM solutions, which provides the business intelligence, profiling and understanding that allows our clients to benefit from a 360-degree view of their clients.

This assists them in drilling down into the greatest detail about their customers. With this comes an easy integration of information across different divisions within a company. The net result is the ability to share information and maximise customer service, improving sales and financial returns as a result.

Camsoft Solutions works across a wide range of industries - there is no vertical industry where our CRM system and service offering will not be able to assist businesses in improving sales, productivity and ultimately, their bottom line. Our client portfolio features companies in varied industries such as engineering, banking and renewable energy, to name a few.

We offer longevity of relationships; many of our team members have worked in our company since the year 2000, and the founder since the mid-1990s. In turn, many of our clients have been with Camsoft, using Maximizer CRM, for over 2 decades.

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